Via Westpac today:
Expectations for business investment through late-2017 and 2018 have been abnormally strong on the back of fiscal reform. Currently they sit at or above the level seen in the post-GFC recovery and, before that, the heady days of pre-crisis expansion.
These expectations have subsequently been franked by the activity data, with the annualised quarterly growth pace of investment over the 12 months to March 2018 (6.8%) less than a percentage point below the average of 2010–2012 (7.6%).
